BUSINESS HEADLINES

A majority of Wise County cities received a big jump start to the fiscal year on sales tax collections.

Seven cities had a double-digit increase from the previous year on the October disbursement, which reflects sales from August.

Chico experienced the biggest jump, bringing in 104 percent more off August sales than the same month the previous year. The city brought in $33,250, more than double the $16,240 from August 2017.

“I’m excited. It’s going to help,” said Chico Mayor Colleen Self. “We have the TxDOT project coming up, and we’re going to fix some streets. The EDC will love it.”

Bridgeport also saw a big spike in sales tax revenue, bringing in $240,792 – 45.8 percent more than the $165,150 from August 2017. The city’s disbursements this calendar year are at $1.834 million – $228,000 more than the 2017 disbursements for the first 10 months.

As Boyd starts collecting the half-cent sales tax for its municipal development district this month, the city saw its disbursement grow more than $10,000 to $43,585 from $33,300 a year ago. Starting Oct. 1, 1 cent of the city’s sales tax will go to the general fund and the half-cent to the MDD for capital improvements. Voters approved the creation of the MDD in May.

“You divide the $43,000 by three and that would be for the MDD,” said Boyd City Administrator Greg Arrington. “It’s a significant increase from the previous year. There’s three or four new businesses that have not even hit yet on the rolls.”

New Fairview, Paradise, Rhome and Runaway Bay had double-digit increases.

Decatur’s disbursement grew by $11,000 from $323,979 in October 2017 to $334,678 this year. This calendar year, Decatur has received $3.814 million in sales tax collections.

Wise County brought in $398,831 on its half-cent levy – $76,000 more than the previous October payment. For the year, the county is up to $3.44 million.

Leave a Reply. Note: As of March 24, 2011, all posted comments will include the users full name.